Nieuwe Steen Investments (NSI) has approached Vastned Offices / Industrial (Vastned O/I) about a potential merger of the two Amsterdam-listed real estate companies.
Nieuwe Steen Investments (NSI) has approached Vastned Offices / Industrial (Vastned O/I) about a potential merger of the two Amsterdam-listed real estate companies.
A merger would create a company with EUR 2.3 bn of property in the Netherlands, Belgium, France, Germany and Switzerland.
In response to the approach Vastned O/I, part of the Vastned Group, has invited NSI by letter for a meeting today (Monday) to discuss the issue.
Vastned O/I said in an announcement: 'Vastned O/I stated in the letter that both the supervisory board and the management board will enter the conversations with NSI in line with their fiduciary duty and also will investigate all possible alternatives.'
Vastned O/I emphasised that there is no guarantee the proposed merger will take place.
NSI is a closed-end real estate investment company that was founded in March 1993 and listed at the Amsterdam Stock Exchange since April 1998. NSI invests in office and retail property. Besides its portfolio in the Netherlands, NSI is striving to build up an international portfolio in Switzerland and France.
At this moment, the total portfolio consisted of residential and 147 commercial properties with an average size of EUR 8 mln. The portfolio had a total value of EUR 1.3 bn at end-March this year.
Vastned O/I operates in the Netherlands, Belgium and Germany. The property portfolio comprises 164 properties with an average size of EUR 6.6 mln. The property portfolio was valued at EUR 1 bn at end-June 2010.